H&R Block Bank and Wipit to Provide Mobile Commerce Services to Cash Preferred Consumers

PASADENA, Calif., March 13, 2012 /PRNewswire/ -- Mobile payments company Wipit, Inc. announced an investment by H&R Block (NYSE: HRB), a leading provider of tax preparation and financial services, with the intent to provide the latest innovations in mobile payment solutions to their clients.

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The strategic partnership aligns with H&R Block's focus on innovation and extending value-added financial services to clients of H&R Block. As part of this service, it is planned that H&R Block Emerald Prepaid MasterCard® clients will be able to utilize a virtual wallet to make convenient purchases from their smartphones.

Wipit's payment service is aimed at mobile consumers who are underbanked, a target market that overlaps a large segment of H&R Block's customer base and that allows both companies to cross brand and cross promote products and services.

Merchants who add Wipit as an accepted payment method on their mobile app or website will benefit from the ability to offer their products and services to this fast growing market of unbanked consumers.

"The underbanked consumer represents an entirely different market opportunity for merchants. We're excited about our partnership with H&R Block and the tremendous value we can jointly offer cash preferred consumers and the merchants who serve them," said Wipit, Inc. CEO Richard Kang.

In late 2011, Wipit also signed an agreement with Euronet Worldwide, Inc., a leading global electronic payments provider and distributor. The partnership will enable clients to use the store locator feature in the program to find a convenient Euronet-enabled retail location and add funds to their Wipit mobile wallet account.

Wipit's service allows mobile consumers to pay for purchases in mobile apps or online, using prepaid cash.

Merchants should contact Vikram Kanodia, Vice President Business Development at (626) 394-3996 or [email protected] for additional information or to sign up for the service.

About H&R Block, Inc.
H&R Block Inc. (NYSE: HRB) has prepared more than 575 million tax returns worldwide since 1955, making it the country's largest tax services provider. In fiscal 2011, H&R Block had annual revenues of $3.8 billion and prepared more than 24.5 million tax returns worldwide, including Canada and Australia. Tax return preparation services are provided in company-owned and franchise retail tax offices by approximately 100,000 professional tax preparers, and through H&R Block At Home™ digital products. The H&R Block Bank provides affordable banking products and services. For more information, visit the H&R Block Online Press Center.

About Wipit, Inc.
Wipit, Inc. is a Southern California headquartered company founded to provide software-based financial services solutions for the cash-preferred customer, developers and merchants globally. The company has strategic partnerships with and is invested in by global companies H&R Block, Inc. (NYSE: HRB) and Euronet Worldwide, Inc. Wipit's founding and management team includes entrepreneurs and executives in the financial services and wireless telecommunications industry, including founding team members of some of todays most successful prepaid wireless carrier brands. For more information, visit www.wipit.me.

Contact:
Dennis Wiles
888-912-8008

SOURCE Wipit, Inc.